Five more insurers in Florida have now been approved to take on the homeowners policies of the state-backed giant.
In recent property insurance news, state regulators have now given their approval to five homeowners insurers based in the state in order to give Citizens the opportunity to unload up to 132,441 more policies.
Citizens will start to shift more of its homeowners policies outward to those insurers, beginning in February.
This will help Citizens to be able to better pursue its goal of removing as many property insurance policies as it can, sending them on to other insurers that can take them over. This has been an ongoing effort and the insurance company has been shedding its policies in batches of thousands at a time over recent years. This is meant to help what is meant to be an insurer of last resort to be able to regain its health after having become bloated.
The latest wave of property insurance companies to have been added to the list to receive Citizens policies include:
• American Colonial – which has received the approval to receive up to 5,441 of Citizens’ personal residential policies.
• Anchor Property & Casualty – which could take on up to 30,000 of the homeowners policies.
• Heritage Property & Casualty – which will be able to handle up to 20,000 of the state-run insurer’s residential policies.
• Homeowners Choice Property & Casualty – which will be able to take on a massive upper limit of 50,000 homeowners insurance policies.
• Mount Beacon – that will be open to up to 27,000 policies from Citizens.
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Beyond the personal residential policies for which Heritage received its approval, it also received the nod to take out as many as 500 commercial residential policies.
Citizens explained that it has been trying to send as many of its property insurance policies into the private market in order to be able to lower the risk that is currently being faced by the entire state. Currently, the law in Florida says that every resident with coverage can be assessed if Citizens is overwhelmed by the claims that would occur following a massive storm, and if it reaches the point that it cannot provide the necessary coverage. By becoming too large, that potential problem only grows along with it.